Regions

Merrill Lynch Investment Managers (MLIM) is to sell off its Los Angeles business to its executives and will relocate the remaining operations and staff to London or Princeton, New Jersey.

Merrill Lynch has appointed Adam Horowitz as the new chief executive for the company's South African operation.

Aberdeen Murray Johnstone Private Equity has appointed Dominic Courtman as assistant director in its Leeds office to work on new investments.

Mellon Financial Corporation in the UK has announced the formation of a new investment leadership team for its global investments subsidiary, Newton group.

The Edinburgh Investment Trust is to appoint Richard Barfield as a director of the company.

The £900m Durham County Council Pension Fund has chosen Standard Life and Prudential Portfolio Management as additional voluntary contributions (AVC) providers to run alongside existing stakeholder Equitable Life.

Pimco Europe has been appointed by three major Danish pension funds to manage a total of EUR196.7m (£118m) in high yield bond portfolios.

Don Steinbrugge, head of institutional sales at Merrill Lynch Asset Management in the US, announced he is leaving the company after six years to join a hedge fund.

‘One size does not fit all' when it comes to operational risk, according to the chairman of the UK's Financial Services Authority Howard Davies.

The CHF36bn Swiss Pensionskasse des Bundes is to retain all of its 16 current investment managers following an asset/liability modelling (ALM) study of the entire fund.